CBN Urges Bank Customers To Report Cases Of Illegal Charges

The Central Bank of Nigeria (CBN) has asked
banks' customers to report cases of excessive
and illegal charges by Deposit Money Banks.
In a statement on Saturday, Ibrahim Mu'azu, the
apex bank's spokesman, said it had received
series of complaints from customers of Deposit
Money Banks (DMBs) alleging excessive charges
from their respective banks.
"It was in the quest to provide a strong voice to
banks' customers and moderate the arbitrary
charges that the CBN in 2012, established its
Consumer Protection Department," the
statement read.
The CBN said it had investigated over 6,000
complaints relating to unauthorised bank
charges brought to its notice and that banks
had been compelled to refund over 6.2 billion
Naira to affected customers in 2015 alone.
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It expressed its resolve to continuously enforce
the provision of the Revised Guide to Bank
Charges and urged members of the public to
report cases of infringement to enable it
investigate and apply sanctions on any erring
Deposit Money Bank (DMB).
Bank Customers are urged to forward their
complaints to the Director, Consumer Protection
Department through an email the apex bank
provided – cpd@cbn.gov.ng